As a whole. Theres not been anything like this record setting, just put out that the United States economy added almost five million jobs in the month of june, shattering all expectations. I was watching this morning, the expectations were much lower than that. The stock market is doing extremely well, which means to me jobs. This is the largest monthly jobs gain in the history of our country. The Unemployment Rate fell by more than two Percentage Points, down to just about 11 . Were down to the 11 number. We started at a number very much higher than that. As you know, we broke the record last month. We broken again this month in an even bigger way. This news comes on top of mays extraordinary jobs report by which was revised upwards the way by the way to 2. 7 million jobs. It was 2. 5 million. That was last month, that was a record setter. But it actually got better. We revised it, it was revised upward to 2. 7 million jobs for a combined total of 7. 5 million jobs created in the last two months. Thats a record by many millions of jobs. So its 7. 5 million jobs created in the last two months alone. Todays announcement proves that our economy is roaring back. Its coming back extremely strong. We have some areas where were putting that the flames of the fires, thats working out well. Were working closely with governors. I think its working out very well. I think youll see that shortly. In june, we added 2. 1 million leisure and hospitality jobs, 740,000 retail jobs, 568,000 education and health care jobs, 357,000 service jobs. These are all historic numbers. And 356,000 manufacturing jobs. And manufacturing looks like its ready to really take off at a level its never been before. A lot of that has to do with our trade policy, because were bringing manufacturing back to our country and these take a long time to get to get going. And theyre now going. So these are historic numbers. Im really happy when i see 356,000 manufacturing jobs, a small number compared to what it will be soon because of our great trade deals. Africanamerican workers really happily for me made historic gains, with 404,000 jobs added last month alone. And thats a record. And the second largest jump will be last month. What we have, you add the two months together, 700,000 jobs for africanamerican workers. Added in the last two months. Thats a record by a lot. Likewise, hispanic employment is up by 1. 5 million jobs. A record by a lot. Hispanic employment up 1. 5 million jobs. Three million more women were employed in the month of june. A record. Never had a number like that. Workers with a High School Education or less made the biggest strides of all. So people that have just a High School Education or have less than a High School Education with unemployment, those without a High School Diploma dropped a full 3. 3 Percentage Points, the largest drop in recorded history. 80 of Small Businesses are now open. And we think we will have good numbers in the coming months , because others are opening, especially as we put the flameout the flame out. New Business Applications have doubled since late march. That is a number that is not even thinkable to achieve this early into a pandemic. The latest ism manufacturing report rose 10 Percentage Points with new orders jumping a remarkable 25 Percentage Points, all a record. Consumer confidence, which is great, thats a great number to me, because that means confidence is really good. If you dont have good consumer confidence, its like life, if you dont have confidence, youre not going to do very well. Consumer confidence has risen since april and job expectations have hit the alltime high. So, think of that for a second. With all we go through, with all of the trials and tribulations that we read about every night, much of it totally fake news unfortunately, and if the consumer didnt get it, you wouldnt have good consumer confidence. Consumer confidence has risen 12 points since april. An alltime high. Retail sales surged an astonishing 18 . Retail sales went up an astonishing 18 in may. Thats the largest increase in the history of our country. Thats a tremendous number. 18 . The number of what it means to me is jobs. The number of unemployed americans reentering the labor force rose by 43 and fewer are fewer workers are dropping out of the labor force as before and the crisis is being handled. We were talking this morning something to think about china was way early. And they are getting under control just now. And europe was way early and they are getting under control. We followed them with this terrible china virus. And we are likewise getting under control. Some areas were very hard hit, are now doing very well. Some were doing well and they flare up. We are putting out the fires. Other places were long before us. And theyre now its got a life. And we are putting out that life because thats a bad life we are talking about. But all of this suggests that workers are confident about finding a new job. The stock market is soaring with the best gains in 20 years. In the second quarter, the dow jones increased 18 . These are not numbers that people have heard about. It is the best in 33 years. The s p 500 increased by 20 1998. Best since and nasdaq increased over 30 , 1999 the best since 1999. If you look over a long period of time, a phenomenal number. But if you look since the election, we have gone up the dow went up close to 45 . The s p 500 went up 47 and nasdaq composite went up getting close to 100 . So these are numbers that are not numbers that other president s would have come and they want have it. The only thing they can kill is wants tosident who raise taxes. If you raise taxes, your 401ks will drop down to nothing. Your stock market will drop down to nothing. This is not look what is ck that is lu happening, it is a lot of talent. All of this incredible news is the result of historic actions my administration has taken working with our partners in congress to rescue the u. S. Economy from a horrible event that was formed, took place in china, and came here and they could have stopped it. They could have stopped it. Nobody likes to write that, but they could have stopped it. They know it and i know it. Through the paycheck protection program, we have extended over 520 billion in loans to nearly five million Small Businesses, saving and supporting the jobs of tens of millions of american workers. This has been a tremendous success. Levels that nobody has ever seen before. But we saved all of those jobs and all of those Small Businesses, and some will be Large Businesses soon perhaps. We also rushed urgently needed relief to millions and millions of hardworking taxpayers. They got that directly and we withorking on phase four congress. Steven mnuchin can give you a briefing. We are talking about payroll tax cuts and more money being infused. It comes back to us. Its all coming back. It is coming back faster, bigger then thought possible. These are numbers not made up by me. We implemented an aggressive strategy to vanquish and kill the virus and protect americans at the highest risk while allowing those at lower risk to safely return to work. Our Health Experts continue to address the temporary hot spots in certain cities and counties and we are working very hard on that. The relationship with the governors is very good. We made a call mike pence made a call just yesterday and said what do you need . Not one governor needed anything. They dont need anything. They have all the medical equipment they can have. Thank you, u. S. Government. They have all of the ventilators. We are giving many ventilators and selling in some cases and giving when needed, but we are the ventilator king. We are producing thousands of ventilators, thousands of ventilators a week. And we are helping other countries and other countries are desperately in need of ventilators. This is now at 189 countries. That changes all the time. Our last count was 189 countries and many of them dont have money and almost all of them dont have capacity to build a ventilator, which is hard to build. Very complex, very expensive and very big in many cases. We have done an incredible job. We have Assembly Lines building ventilators, and we are building thousands a week. All of these people are working with governors and local officials to restore best practices, and that is what we have done. That includes face coverings, social distancing, testing and personal hygiene, wash your hands. State officials will decide how rapidly to open their economies. Thats largely up to them. If we see something thats egregious, we have gotten involved with a couple where we thought it was unfair. We would like to see churches open quickly and some of them dont want to do that. We got a great ruling from a judge in new york that they can open. If these best practices are implemented, then the hot spots can be calmed quickly and we understand this horrible disease right now. We didnt understand the disease at all. We closed it up. We would have lost millions of lives. We have done a historic thing. We would have lost millions of lives. We are opening it up and opening up far faster than anyone thought even possible and more successfully. You are going to have a fantastic third quarter, the likes which nobody has ever seen before, in my opinion. The good thing is the numbers will be coming out just prior to the election, so people will be able to see those numbers. The Fourth Quarter likewise will be extremely good. Most importantly, from the standpoint of our country itself, next year will be historic. Next year will be an incredible year for jobs, for companies, for growth. Things are happening like nobody would have thought possible. I do want to comment boeing is moving along in their process. It has been a very hard process and complicated process, but they have made tremendous, tremendous gains and they are going for approvals on the aircraft, 737 max. Also starting to do some real business. I just want to congratulate boeing. They have been through so much. The greatest company in the world. I used to say it was the greatest company in the world and then it ran through a rough period of time. I want to say boeing has made tremendous progress in a short period of time. And other companies i dont even have to talk about, because they are setting records. Virtually every one of our Great Companies are setting records. I thank everybody for being here today. These are historic numbers in a time where a number of people would have wilted, but we didnt wilt and our country didnt wilt. And im honored to be your president. Thank you very much. [indiscernible chatter] secretary mnuchin let me make additional comments. We couldnt be more pleased with the results today again between this month and last month. That is about 8 Million People we put back to work because of the cares act and working with congress. People thought we would have 30 Million People unemployed. Fortunately we never got to that. Eight million jobs are back. Our work is not done. Our work wont be done until every single american who lost their job due to covid gets back to work. I thank the senate and the house are working with us. Theres no question these programs are working. I want to thank them for extending the ppp. As i said, it is our priority when we get to the cares 4 bill in july, we will work with the house and senate on a bipartisan basis to repurpose that money. We have about 130 billion left. There are going to be a number of businesses particularly hard hit and we will be looking to give those businesses additional money. Cares 4 will be much more targeted for the businesses that continue to need work. But there is no question that this is working. And we look forward to continuing this progress. Again, i think eight million jobs really extraordinary. Let me make one other comment. Director kudlow and i are not Wearing Masks because we have both been tested this morning. That is the only reason, but even with that, we did social distance and pleased to see you are Wearing Masks. I will let director kudlow make comments and we will take questions. Mr. Kudlow just briefly underscoring these High Frequency indicators, it is a difficult thing to do when we havent had much experience with these pandemics, but i will say the mobility index is important. It is literally a realtime daily indicator and we are not seeing any declines. It is still strengthening, even in the southwestern states which have difficult hot spots. Housing demand and housing surveys are just soaring. Automobile demand expected for the third quarter, about millionplus production units. The trucking surveys look strong. The dow and fed survey, i dont recall it was in the president s surveythe dallas fed which goes to the end of the month has not shown any declines. It may. I will not rule that out. And i would say as a general matter these job numbers as good as they are erasing a third to a half to those that are unemployed. There is still a lot of hardship and heartbreak in these numbers. I understand that. And the economy is on its way back. We have a ways to go. I will, however, continue to reference the congressional budget office, which is looking for a very Strong Quarter and second half and a number of private surveys and private forecasters see the same thing same story on the vshaped recovery. With good policies and 2021 can be a big bang year and get back to the peak levels of 2019. I believe we are well positioned and have a lot more work to do that. And i get that. Well see how the policy discussions go later this month. Thanks. Reporter mr. Secretary, are you concerned to see new unemployment claims rising, 1. 4 million layoffs last week and that number is going up and not going down, are you concerned about that . Secretary mnuchin we are going to be concerned until every Single Person is back to work. When you look at these numbers, it is tough enough to predict economic numbers in normal times. In these times, you have to look at these numbers in the entirety. So what i would say is there is a lag on the unemployment claims. Many of these states are completely backed up. I would focus on the jobs numbers are the most accurate numbers. The trend of eight million jobs back, but having said that, im concerned until we get everybody back to work. Reporter this is good news today, no question, but it is also obvious that the crisis that is surging through sunbelt states, Record Numbers of cases nationally, threatens all of these economic gains. Many states are throwing their reopenings into reverse. What additional actions is the administration going to take to stop that . Will the administration and will the president specifically call on americans to wear masks . And why dont we have, rather than you guys celebrating good news, why dont we have this Coronavirus Task force up here giving briefings on how to get under control what is obviously not under control, as Anthony Fauci said this week. Secretary mnuchin im on the Coronavirus Task force. I am happy to answer a few of those questions. I cant comment on the schedule of briefings. Im not aware of that. The president specifically put in his speech encouraging americans to wear masks, social distance and hygiene. He is the president of the United States, and people are not around him close and people around him are tested. I dont think he needs to wear a mask, but the rest of us absolutely and the president supports Wearing Masks. I was at the house testifying. Im sure you showed my picture with chair powell on the wall street journal. We are encouraging americans to wear masks. Unlike last time, as i have said, and yes, i realize the number of cases we are monitoring it carefully and the hospital capacity. I have been briefed on where we are on vaccines and virals and i am very encouraged we will have things by the end of the year. We are going to be careful. I would not say reverse. I would say states are appropriately pausing certain gyms, whichbars and are the more contagious things, and i think the states are acting appropriately. Birx has been down in arizona, texas. They have 18 in play. Have a team in play. Cdc is working with local officials, government and Health Officials to reemphasize the list of what i call best practices. That will do the trick. And if you have to phase out bars, so be it, for a few weeks. I think some places might have been over exuberant and now have to come back to these best practices of distancing and masks and testing and personal hygiene. Reporter the president said a few minutes ago we are getting this under control. It is obvious to anyone watching that it is not under control and Anthony Fauci said so this week. Secretary mnuchin what dr. Fauci said is if people dont take these things seriously, the numbers could continue to spike. Reporter they are spiking right now. Secretary mnuchin the numbers are up. We are obviously watching this very carefully. We think there is the right balance and we are working with the states on the Health Issues and economic issues. We will go to the next question. Reporter there is a Record Number of new infections every day. Does the white house regret encouraging states to open as quickly as it did, and do you think that has backfired . Secretary mnuchin no. I think we had a careful plan again, working with the states. There are plenty of places we can get people back to work safely. In the treasury, we are going to take more people back. We are social distancing. We are checking peoples temperature at times. There is a safe way to open the economy, and we are going to do that carefully. Reporter a lot of americans are worried about what is going to happen with schools. There is a real economic argument that without schools, a lot of the workforce c